Spectral AI, Inc. (MDAI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MDAI SEC filings page.
Spectral AI, Inc. (MDAI) reported $15.4M in revenue over the twelve months to Jun 30, 2026, down 44.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing, not operating cash generation, is sustaining a development-heavy business amid volatile revenue and persistent losses.
FY2025's gross margin held at45.4% even as revenue fell to$19.7M ; that resilience points to stable direct-cost economics. Yet operating margin deteriorated to-43.8% , showing that overhead and development spending remain the main constraint when volume weakens.
The company remains dependent on financing: FY2025 financing cash flow reached
This is a development-heavy cost structure: R&D was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Spectral AI, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Spectral AI, Inc. held $15.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $9.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Spectral AI, Inc. scores 44/100 among other emerging companies.
Spectral AI, Inc. had 32M shares outstanding at the end of fiscal year 2025, against 25M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Spectral AI, Inc. scores 24/100 among other emerging companies.
Not available for Spectral AI, Inc., and counted as zero in the overall score.
Spectral AI, Inc. reported revenue of $19.6M in fiscal year 2025, against $29.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Spectral AI, Inc. scores 49/100 among other emerging companies.
Spectral AI, Inc.'s operations used $9.9M of cash in fiscal year 2025, against $9.2M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Spectral AI, Inc. scores 58/100 among other emerging companies.
Spectral AI, Inc.'s cash, cash equivalents and investments came to $15.4M at the end of fiscal year 2025, against $27.1M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Spectral AI, Inc. scores 45/100 among other emerging companies.
Spectral AI, Inc. scores -2.99, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($51.2M) relative to total liabilities ($27.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Spectral AI, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Spectral AI, Inc. reported a net loss of $7.6M while operations used $9.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Spectral AI, Inc. reported an operating loss of $8.6M against $1.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Spectral AI, Inc. generated $3.5M in revenue in Q2 2026. This represents a decrease of 30.4% from the same quarter a year earlier. Against the prior quarter it is down 11.7%.
Spectral AI, Inc.'s EBITDA was -$4.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 103.2% from the same quarter a year earlier. Against the prior quarter it is down 121.2%.
Spectral AI, Inc. reported -$4.2M in net income in Q2 2026. This represents an increase of 47.6% from the same quarter a year earlier. Against the prior quarter it is down 22.4%.
Spectral AI, Inc. earned -$0.13 per diluted share (EPS) in Q2 2026. This represents an increase of 58.1% from the same quarter a year earlier. Against the prior quarter it is down 18.2%.
Cash & Balance Sheet
Spectral AI, Inc. held $14.0M in cash against $11.1M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Spectral AI, Inc.'s gross margin was 31.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 13.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 19.2 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
Spectral AI, Inc. invested $1.7M in research and development in Q2 2026. This represents an increase of 16.4% from the same quarter a year earlier. Against the prior quarter it is down 15.2%.
Not reported for Q2 2026.
Not reported for Q2 2026.
MDAI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.5M-30.4% | $4.0M-40.5% | $4.1M-46.3% | $3.8M-53.6% | $5.1M-32.3% | $6.7M+6.0% | $7.6M+43.8% | $8.2M+137.6% |
| Cost of Revenue | $2.4M-13.1% | $2.0M-44.5% | $2.2M-47.4% | $2.2M-51.8% | $2.8M-33.4% | $3.5M+4.7% | $4.3M+49.3% | $4.5M+129.0% |
| Gross Profit | $1.1M-51.4% | $2.0M-36.0% | $1.8M-44.9% | $1.6M-55.8% | $2.3M-30.9% | $3.2M+7.6% | $3.3M+37.4% | $3.7M+149.1% |
| R&D Expenses | $1.7M+16.4% | $2.0M-44.4% | N/A | N/A | $1.5M | $3.6M-16.3% | N/A | N/A |
| SG&A Expenses | $3.1M+18.0% | $4.0M-1.6% | $5.9M+32.0% | $5.0M+9.0% | $2.6M-54.6% | $4.1M-20.1% | $4.5M-16.9% | $4.6M-19.2% |
| Operating Income | -$4.3M-103.7% | -$2.0M-120.0% | -$2.2M-101.9% | -$3.3M-277.1% | -$2.1M+13.1% | -$896K+58.2% | -$1.1M+62.1% | -$886K+78.7% |
| EBITDA | -$4.3M-103.2% | -$1.9M-117.1% | -$2.2M-100.0% | -$3.3M-274.1% | -$2.1M+13.4% | -$894K+58.2% | -$1.1M+62.2% | -$885K+78.7% |
| Interest Expense | $378K+215.0% | $258K-74.2% | -$420K | $300K+3650.0% | $120K+1900.0% | $1.0M | N/A | $8K-81.0% |
| Income Tax | $170K+994.7% | -$10K-114.1% | -$43K-207.1% | $2K-94.6% | -$19K-127.5% | $71K+222.7% | -$14K+33.3% | $37K+168.5% |
| Net Income | -$4.2M+47.6% | -$3.4M-217.8% | $1.1M+113.9% | -$3.6M-136.2% | -$8.0M-178.2% | $2.9M+190.4% | -$7.6M-113.9% | -$1.5M+85.9% |
| EPS (Basic) | -$0.13+58.1% | -$0.11-184.6% | $0.05+112.2% | -$0.13-62.5% | -$0.31-93.8% | $0.13+168.4% | -$0.41-115.8% | -$0.08+89.6% |
| EPS (Diluted) | -$0.13+58.1% | -$0.11-200.0% | $0.05+112.2% | -$0.13-62.5% | -$0.31-93.8% | $0.11 | -$0.41-115.8% | -$0.08+89.6% |
| Diluted Shares (Avg) | 32M+26.2% | 32M+32.2% | N/A | 26M+47.3% | 25M+44.5% | 24M | N/A | 18M+29.2% |
MDAI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $19.4M+21.4% | $17.7M-14.4% | $21.4M+77.0% | $15.3M+31.9% | $16.0M+15.2% | $20.7M+33.8% | $12.1M+13.1% | $11.6M-5.9% |
| Current Assets | $17.8M+27.1% | $16.0M-14.6% | $19.5M+92.2% | $13.5M+41.8% | $14.0M+20.1% | $18.7M+25.8% | $10.1M+2.2% | $9.5M-16.4% |
| Cash & Equivalents | $14.0M+33.3% | $11.7M-17.0% | $15.4M+196.2% | $10.5M+183.6% | $10.5M+52.7% | $14.1M+38.8% | $5.2M+8.6% | $3.7M-49.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $815K+76.4% | $831K+90.2% | $838K+97.2% | $454K+2.5% | $462K+73.0% | $437K+91.7% | $425K+84.8% | $443K+101.4% |
| Accounts Receivable | $1.2M-19.5% | $1.2M-43.7% | $1.3M-49.4% | $990K-65.1% | $1.5M-36.1% | $2.1M+15.0% | $2.5M+6.8% | $2.8M+116.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $31.5M+25.2% | $26.5M+18.8% | $27.1M+40.2% | $23.5M+47.5% | $25.2M+38.5% | $22.3M+27.6% | $19.3M+56.0% | $15.9M+46.6% |
| Current Liabilities | $19.9M+22.8% | $21.3M+59.8% | $20.6M+16.9% | $15.8M+20.6% | $16.2M+0.4% | $13.3M-24.0% | $17.6M+42.3% | $13.1M+22.7% |
| Non-Current Liabilities | $11.6M+29.5% | $5.3M-41.7% | $6.5M+282.3% | $7.7M+169.6% | $9.0M+340.8% | $9.0M | $1.7M | $2.9M+1158.8% |
| Long-Term Debt | $11.1M+44.9% | $4.5M-40.1% | $5.5M+98.7% | $6.6M+558.1% | $7.6M | $7.5M | $2.8M | $1.0M |
| Total Equity | -$12.1M-31.7% | -$8.8M-441.8% | -$5.7M+21.0% | -$8.2M-71.8% | -$9.2M-94.5% | -$1.6M+34.1% | -$7.3M-237.4% | -$4.8M-428.0% |
| Retained Earnings | -$63.4M-18.9% | -$59.2M-30.6% | -$55.8M-15.7% | -$56.9M-40.9% | -$53.3M-37.2% | -$45.3M-25.9% | -$48.2M-47.1% | -$40.4M-38.0% |
Not reported in any period shown, so not listed: Goodwill.
MDAI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M-21.9% | -$3.7M-147.7% | -$2.6M-644.1% | -$2.5M-53.8% | -$3.4M+37.3% | -$1.5M+43.8% | $469K+119.7% | -$1.6M+69.5% |
| Depreciation & Amortization | $30K+200.0% | $30K+1400.0% | $29K+625.0% | $30K+2900.0% | $10K+400.0% | $2K-33.3% | $4K+100.0% | $1K-50.0% |
| Stock-Based Compensation | $807K+96.4% | $183K-8.5% | N/A | $300K+50.0% | $411K+2.8% | $200K-29.3% | N/A | $200K |
| Financing Cash Flow | $6.4M+3202.9% | -$1K-100.0% | $7.5M+639.1% | $2.5M+258.9% | -$207K-109.9% | $10.4M+29.1% | $1.0M+616.9% | -$1.6M-134.6% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.
MDAI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.6%-13.6pp | 50.8%+3.6pp | 45.2%+1.1pp | 42.8%-2.1pp | 45.2%+0.9pp | 47.2%+0.7pp | 44.0%-2.0pp | 44.9%+2.1pp |
| Operating Margin | -122.7% | -49.4%-36.0pp | -54.9%-40.3pp | -88.1%-77.3pp | -41.9%-9.3pp | -13.4%+20.5pp | -14.6%+40.8pp | -10.8% |
| Net Margin | -118.5% | -85.5%-128.7pp | 25.8%+125.5pp | -93.7%-75.3pp | -157.3% | 43.2%+93.9pp | -99.8%-32.7pp | -18.4% |
| Return on Assets | -21.5%+28.3pp | -19.2%-33.2pp | 4.9%+67.6pp | -23.2%-10.3pp | -49.8%-29.2pp | 14.0%+34.7pp | -62.7%-29.5pp | -13.0%+73.2pp |
| Current Ratio | 0.900.0x | 0.75-0.7x | 0.94+0.4x | 0.85+0.1x | 0.86+0.1x | 1.41+0.6x | 0.57-0.2x | 0.73-0.3x |
| Asset Turnover | 0.18-0.1x | 0.23-0.1x | 0.19-0.4x | 0.25-0.5x | 0.32-0.2x | 0.32-0.1x | 0.63+0.1x | 0.70+0.4x |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$5.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Spectral AI, Inc. MDAI | FY2025 | $19.6M | -$7.6M | -38.5% | $51.2M | 37/100 |
| Sensus Healthcare, Inc SRTS | FY2025 | $27.5M | -$7.7M | -28.1% | $51.9M | 47/100 |
| WORK Medical Technology Group LTD WOK | FY2025 | $9.8M | -$1.1M | -10.9% | $8.4M | 22/100 |
| Elutia Inc. ELUT | FY2025 | $12.3M | $53.4M | N/A | $35.9M | 26/100 |
| Cytosorbents Corp. CTSO | FY2025 | $37.1M | -$8.2M | -22.1% | $20.2M | 37/100 |
| Apyx Medical Corporation APYX | FY2025 | $52.8M | -$11.2M | -21.2% | $122.2M | 43/100 |
Where Spectral AI, Inc. Ranks
Frequently Asked Questions
What is Spectral AI, Inc.'s annual revenue?
Spectral AI, Inc. (MDAI) reported $19.6M in total revenue for fiscal year 2025. This represents a -33.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Spectral AI, Inc.'s revenue growing?
Spectral AI, Inc. (MDAI) revenue declined by 33.6% year-over-year, from $29.6M to $19.6M in fiscal year 2025.
Is Spectral AI, Inc. profitable?
No, Spectral AI, Inc. (MDAI) reported a net income of -$7.6M in fiscal year 2025, with a net profit margin of -38.5%.
What is Spectral AI, Inc.'s EBITDA?
Spectral AI, Inc. (MDAI) had EBITDA of -$8.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Spectral AI, Inc. have?
As of fiscal year 2025, Spectral AI, Inc. (MDAI) had $15.4M in cash and equivalents against $5.5M in long-term debt.
What is Spectral AI, Inc.'s gross margin?
Spectral AI, Inc. (MDAI) had a gross margin of 45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Spectral AI, Inc.'s operating margin?
Spectral AI, Inc. (MDAI) had an operating margin of -43.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Spectral AI, Inc.'s net profit margin?
Spectral AI, Inc. (MDAI) had a net profit margin of -38.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Spectral AI, Inc.'s operating cash flow?
Spectral AI, Inc. (MDAI) recorded an outflow of $9.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Spectral AI, Inc.'s total assets?
Spectral AI, Inc. (MDAI) had $21.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Spectral AI, Inc.'s current ratio?
Spectral AI, Inc. (MDAI) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Spectral AI, Inc.'s return on assets (ROA)?
Spectral AI, Inc. (MDAI) had a return on assets of -35.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Spectral AI, Inc.'s P/E ratio?
Spectral AI, Inc. (MDAI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $51.2M as of Sep 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Spectral AI, Inc.'s price-to-sales ratio?
Spectral AI, Inc. (MDAI) trades at 3.3x sales, its market capitalization divided by revenue of $15.4M revenue, trailing 12 months to June 30, 2026. The market capitalization is $51.2M as of Sep 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Spectral AI, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Spectral AI, Inc. (MDAI) held $15.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $9.9M over that year. Dividing the one by the other, the reported balance equals about 19 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Spectral AI, Inc.'s debt-to-equity ratio negative or not reported?
Spectral AI, Inc. (MDAI) has negative shareholder equity of -$5.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Spectral AI, Inc.'s Altman Z-Score?
Spectral AI, Inc. (MDAI) has an Altman Z-Score of -2.99, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Spectral AI, Inc.'s Piotroski F-Score?
Spectral AI, Inc. (MDAI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Spectral AI, Inc.'s earnings high quality?
Spectral AI, Inc. (MDAI) reported a net loss of $7.6M while operations used $9.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Spectral AI, Inc. cover its interest payments?
Spectral AI, Inc. (MDAI) reported an operating loss of $8.6M against $1.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Spectral AI, Inc.?
Spectral AI, Inc. (MDAI) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.